Bitcoin News Today: Bitcoin consolidation triggers bearish signals as altcoins slump amid FTX uncertainty

Bitcoin’s recent price action has sparked debate over whether the cryptocurrency’s upward momentum is waning. While the asset traded near $118,600 as of July 11, hovering below its July 1 record high of $123,000, technical indicators and on-chain data suggest a market in consolidation [2]. The formation of a rising wedge pattern—a bearish signal—has raised concerns among traders about potential downward pressure [1]. However, some analysts argue that this phase could merely represent a breather before Bitcoin attempts to reclaim its peak or surpass it [1].

The altcoin market has fared worse, with broader crypto indices reflecting steep declines. Dogecoin, for instance, saw a 75% surge in trading volume as traders defended its $0.26 support level, but overall sentiment remains fragile [5]. Cardano (ADA) has shown relative resilience, gaining 38.61% over 30 days and reclaiming key technical levels at $0.92 [4]. Still, a breakout above $0.93–$0.98—a threshold ChatGPT-driven analysis suggests could propel ADA toward $1.50–$2.00 by year-end—remains uncertain [4]. Open interest for ADA has exceeded $1.7 billion, signaling speculative fervor, but risks persist if buying momentum stalls [4].

On-chain metrics highlight a divergence in investor behavior. Retail traders appear to be locking in profits, while large holders—commonly referred to as whales—have been accumulating Bitcoin during the dip [1]. This dynamic suggests institutional confidence in the asset’s long-term potential, even as smaller investors adopt a cautious stance. However, analysts caution that a reversal in whale activity—such as offloading holdings—could trigger a sharper correction. A significant selloff from whales might push Bitcoin below the six-figure mark, further dampening market optimism [1].

The broader market’s fragility is compounded by external factors. FTX’s planned September payout has introduced liquidity uncertainty, while macroeconomic concerns, including Federal Reserve policy shifts, remain unresolved [2]. Institutional demand for Bitcoin has intensified as altcoins struggle, echoing historical patterns where Bitcoin’s dominance rises during corrections [6]. Projects like Ethereum and Solana have shown relative resilience, with Ethereum’s institutional strength offering a counterbalance to broader weakness [7].

Market participants are now closely watching Bitcoin’s ability to hold above $115,000, a level that could provide short-term support. A retest of the $123,000 peak would offer clarity on whether the rally remains intact. Meanwhile, altcoin-specific fundamentals and regulatory developments will shape opportunities for smaller cryptocurrencies [1][2][4][6]. The interplay between Bitcoin’s consolidation and altcoin underperformance underscores the challenges of sustaining speculative momentum amid macroeconomic uncertainty.

Source: [1] [Bitcoin Hits Ceiling While Altcoins Dump – Is the Rally Over?](https://coindoo.com/market/bitcoin-hits-ceiling-while-altcoins-dump-is-the-rally-over/) [2] [Crypto Prices Dump as FTX Plans September Payout](https://www.mitrade.com/au/insights/news/live-news/article-3-983856-20250724) [4] [Can Cardano's Price Hit $3 Again? ChatGPT's Bold ADA ...](https://bitcoinist.com/chatgpt-claims-ada-is-waking-up-could-3-be-back-on-the-table/) [5] [Dogecoin Volume Surges 75% as Traders Defend $0.26 ...](https://yellow.com/news/dogecoin-volume-surges-75-as-traders-defend-dollar026-support) [6] [Markets are digesting recent gains while staying buoyed](https://www.facebook.com/groups/5848753005165229/posts/30961643903449459/) [7] [cryptocurrency](https://www.stormrake.com/blogs/tag/cryptocurrency/)